Press Releases

          The Ministry of Finance is proposing legislative amendments to the Income Tax Act 1947 (“ITA”) and the Multinational Enterprise (Minimum Tax) Act 2024 (“MMTA”). Interested parties are invited to provide feedback on the proposed amendments from 18 June to 11 July 2025.

2.       The proposed Finance (Income Taxes) Bill covers 50 amendments including:

a.       33 amendments to the ITA. These comprise tax measures announced in the 2025 Budget Statement (16 amendments), as well as changes arising from MOF’s periodic review of the income tax system to better reflect policy objectives and to improve tax administration (17 amendments); and

b.       17 amendments to the MMTA. These comprise clarifications that are in accordance with the Pillar Two Global Anti-Base Erosion Model Rules, commentary and administrative guidance (“GloBE rules”) (11 amendments), expansion of regulatory-making powers necessary to operate GloBE rules (three amendments), and miscellaneous amendments (three amendments).

Submission of feedback

3.       The public can access the public consultation documents, including the proposed Finance (Income Taxes) Bill 2025, on the Ministry of Finance's website (www.mof.gov.sg) and the REACH consultation portal (www.reach.gov.sg).

4.       Interested parties are requested to use the template to submit their comments on the proposed Bill by 11 July 2025.

Issued by:

Ministry of Finance

Singapore

18 June 2025